The menace of pipeline vandalism and oil theft may have cost the nation about $243 million (N38.8 billion) in 2013, according to the Nigerian National Petroluem Corporation (NNPC).
The Group Managing Director of NNPC, Joseph Dawah, who made this known at an industry event in Abuja recently, said Nigeria lost $243 million worth of oil products last year from sabotage to the country’s pipeline network.
He said the pipeline vandals punctured about 3,571 cases on the pipelines last year.
With about 6,000 pipeline network in the country, Dawah said the nation’s loss to vandalism was increased from N21.48b (2,230 cases) in 2012 to N38.8 billion in 2013.
“These acts have resulted to loss of revenue by the government and production capacity at our refineries,” Dawha added.
He said the government would need to develop “critical infrastructure and key resources protection” in line with that of the United States, and also called for an increase to prosecution rates in theft cases.